Family plans can have one or more beneficiaries, all of whom must be connected by blood or adoption to the subscriber. The subscriber is not governed by a payment schedule, but can make payments as desired, up to the annual limits. These plans can be self-directed plans with a financial institution.
Group plans are usually offered by scholarship plan dealers. There are normally fixed payment schedules and higher fees associated with these plans. They are often restricted to investing in low-risk securities, which historically have a lower return on investment.
After 2010, transfers can be made without penalties and repayments if the plan receiving the transfer amount allows more than one beneficiary at a time, or if the beneficiary of a plan receiving the transfer had not reached 21 years of age when the plan was opened. See below for link to Canada Revenue Agency (CRA) information.
After 2013, RESP accumulated income payments (AIP) can be rolled over to a Registered Disability Savings Plan (RDSP). This can be done on a tax-deferred basis by making an election in prescribed form if, at the time of the election, the RESP beneficiary is also the beneficiary under the RDSP.
Transferring RESP property to another RESP
Rolling over RESP property on a tax-deferred basis to an RDSP